The Scientific Methodology of Al-Quran in Islamic Finance through the Maqasid Al-Shariah Theory

Abstract

The fundamental objectives of the Shari‘ah or maqasid al-Shari‘ah are to ensure the wellbeing and welfare of mankind (maslahah; Pl. masalih), both in this world and the hereafter. Significantly, maqasid al- Shari‘ah can be seen as a comprehensive legal framework to unify the divergence of Islamic legal opinion (ijtihad) among the Muslim juristconsults (Usuliyyun) of different schools of law by using Islamic methodology or usul Fiqh. Usul al-fiqh provides the available method of Islamic legal opinion (ijtihad) and their proper use of Maqasid alShariah. It is, in fact, the heart of the Shari‘ah for it tells us how rule is derived. It also explains why each Muslim schools, namely Hanafis, Malikis, Shafi‘is and Hanbalis have a different system of Islamic legal opinion (ijtihad) that influences by using Islamic methodology. Therefore, this study has discussed on the scientific al-Quran as the methodology in Islamic Finance through the Maqasid al-Shariah Theory.